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At the discretion of the lender, a house can be foreclosed after a period of missing payments.

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Can you still qualify to buy a house if you have low income?

Yes, possibly. You can buy a house for cash from savings or investment with no income at all, and then keep it as long as you can make the tax payments and other assessments. If your lack of income is "probably temporary" (like you're in prison for a short period, or "between jobs", or "in graduate school"), you may still qualify for a loan. If you cannot afford to pay the interest on a loan to purchase a house, then it is a really bad idea to consider buying a house. You will fail to make the payments and it will be taken away.


Is 84 lumber filing bankruptcy?

you would think with their lack of cash flow AND their insistence on net 90+ day terms they would be near bankrupt. Their reputation amongst their suppliers is poor, at best. THEY like to drag out payments as long as they can. you would think with their lack of cash flow AND their insistence on net 90+ day terms they would be near bankrupt. Their reputation amongst their suppliers is poor, at best. THEY like to drag out payments as long as they can.


What are the pros and cons of using direct deposit for receiving payments?

Pros of using direct deposit for receiving payments include convenience, security, and efficiency. It eliminates the need to physically deposit checks, reduces the risk of lost or stolen payments, and ensures funds are available immediately. Cons may include potential fees, lack of control over timing of deposits, and the need to share sensitive banking information.


Why can't appraisers use foreclosure sales as comparables for determining fair market value for a property heshe is appraising?

Appraisers use sales of homes that were made as arms-length transactions where neither the buyer was desperate to buy nor the seller was desperate to sell as a basis for comparing other similar properties in an area. A foreclosure property does not meet these criteria because of the nature of the legal process that the house is undergoing. Houses in foreclosure are typically classified as distressed properties, which means that there is something wrong with them that induces the owners to sell for less than the fair market value of the property. In some cases, this might mean a condemned house or one that has been severely damaged or fallen into disrepair. In such cases, the buyers of a distressed house are able to offer the sellers less than what the property would sell for if it was in a fairly decent condition. But these types of houses are also difficult to compare to other houses in the geographic area that are in better condition or where the owners have no added reasons to unload the property. Foreclosure cases work slightly different compared to a house that is falling apart or damaged, but the lack of time many people have to sell before losing the home to a county sheriff sale indicates that the buyers have the upper hand in negotiating a beneficial price in order to complete the sale before the eviction. This is one reason that properties in foreclosure often sell for less than their fair market value or the current market value of similar properties, even if there is nothing physically wrong with them. Appraisers know that the sellers may not even have wanted to sell, which can easily skew comparable valuation data. Properties owned by banks after a foreclosure auction has taken place are little different. In these types of cases, banks may not take care of the houses, or vandals may strip them for any useful resources like copper pipes, for instance. Banks also do not want to own these properties and are often willing to entertain lower offers. But again, these types of sales are not between a disinterested buyer and a disinterested seller -- in most instances of foreclosure, the seller is willing to unload the property for just enough to make it worth their while. Owners want to sell to save the house and their credit from foreclosure, while banks just want to unload foreclosure properties from their balance sheets. Thus, foreclosure properties are not good candidates for comparable sales, except for comparing sales of other foreclosed homes. Appraisers would much rather use home sales that were not done under duress, because a certain home was condemned, sales between family members, or foreclosures. The values have too great a tendency to become distorted.


What are the benefits and drawbacks of FHA interest only loans?

FHA interest-only loans can offer lower initial payments, making them more affordable in the short term. However, they can lead to higher overall costs in the long run due to the lack of principal payments. Borrowers should carefully consider their financial situation before opting for this type of loan.

Related Questions

Can you have money in the bank and foreclose in Florida?

Yes. Foreclosure is not due to lack of money, but is due to failure to make payments on the debt in a timely manner.


Who desined the Sydney Opera House?

The Sydney Opera House was designed by Danish architect Jorn Utzon. Citing differences with and lack of payments from the new Australia's new Minister of Public Works, Utzon actually resigned from the project 6 years before the Opera House was completed in 1973.


What does it mean when they say order of dismissal for lack of prosecution in regards to a foreclosure court case?

An order of dismissal for lack of prosecution is filed (usually by the homeowners attorney) when the bank/lawyers have not proceeded forward on a pending foreclosure case within a certain amount of time (usually 10 months). If nothing new has been filed, your case can be dismissed by a judge.


Can you still qualify to buy a house if you have low income?

Yes, possibly. You can buy a house for cash from savings or investment with no income at all, and then keep it as long as you can make the tax payments and other assessments. If your lack of income is "probably temporary" (like you're in prison for a short period, or "between jobs", or "in graduate school"), you may still qualify for a loan. If you cannot afford to pay the interest on a loan to purchase a house, then it is a really bad idea to consider buying a house. You will fail to make the payments and it will be taken away.


Do you empty your in ground pool house in foreclosure?

I would definitely leave the water in the pool in order to avoid the actual pool shell from popping out of the ground due to lack of water pressure. The water in the pool acts as a downward force...you don't want your pool shell to pop out of the ground under any circumstances...and any pool going through a foreclosure is going to need a professional cleaning anyway, so leaving in the water is not a problem at all.


In The Rocking-Horse Winner what is the cause of anxiety in Paul's house?

There is a lack of money.there is a lack of money.


Does Home Owners Insurance cover foundation repair?

It depends on how the foundation was damaged and whether or not it was done by a covered cause or not. If a vehicle runs off the road and hits your home then it would be . covered whether or not the person had insurance. If the person did not have insurance, your homeowners policy covers damage caused by a vehicle. If the damage was caused by settling of the home and this caused the foundation to crack then no, the homeowner's insurance will not pay for this repair because it was caused by lack of properly putting in the foundation correctly or a lack of maintenance. Maintenance is never covered by your homeowner's insurance policy. Maintenance is the responsibility of the homeowner and it is never ending.


If homeowner fails to replace a bad roof and it caves in does insurance company pay?

No,, homeowners insurance does not cover normal maintenance costs nor damages that result from lack of maintenance.


Why do dogs pee in the house?

Dogs pee in their house to mark their territory.


How does one calculate their car loan payments?

This depends on several factors. It is rather like calculating a home loan, in that the amount you pay in a downpayment (or lack thereof) can affect your total length of loan and individual payments a great deal.


Was the slaves really apart of building the White House?

Your lack of grammar and severe lack of a grasp of the English language disturbs me...but to answer your question, yes, Slaves did build the White House.


What causes a lack of water in a house with a well?

A lack of water in a house with a well can be caused by factors such as a drop in the water table level, pump malfunction, well blockage, or a leak in the well system.